Paul Vigna talks to Spencer Ante on Pinterest's $1 billion valuation, and John Mauldin joins the program t assess the situation in Greece and how it may affect the global economy. Photo: AP.

This transcript has been automatically generated and may not be 100% accurate.

... I ... JPMorgan start clawing back some ... of those executives responsible for the big losses ... in interest given given Bill Facebook already and we're about an interest in John boldly of John mall than on the show to talk about the euro what you need to do to protect yourself from your ... morning at home welcome to the market of mine Paul beanie was starting off J P Morgan ... Morgan ... starting off with the issue of cloth that this is becoming a bigger deal on Wall St Catholic on JPMorgan last week and the charity ... is here to talk about this ... on the engine just it leaves out the competition with Intel to applaud he's ... so ... traders get a lot of money on Wall Street did make ... it about its content in these big box ... I'm up until recently ... had the traders had a pretty good set out for them ... where did make a big bonus plan ... it is well well right and when the positions bump or they could be shown the door ... but the roots of a lot of money from the previous years ... so firms as the financial crisis and with a lot of regulator and government pressure ... and have put ... clawbacks into a lot of the pay ... policy so it is a big issue two dozen retailers to compete these guys but his stinky entire financial system by and is the look was in contact with the pay raise the issue Diageo is the heads I win tails you lose problem and desert readers that Richmond's oh six oh seven ... lost huge amounts of money no way taxpayers to foot the bill ... firm stockholders bondholders to foot the bill ... but traders made out okay ... now now says JPMorgan Morgan ... in a very interesting that task is to see how serious firms are about actually doing the spot that's it for the first year or two ... there were many cases for that to be used I became set a PR thing more than an actual ... she ... the policy so ... that you can spin losses at J P Morgan the people who are responsible for them ... I'm ... you know me and some of their take on that that's that's complicated by the fact however that ... disappointed at these positions in some of the people who are ... most responsible for losses are also kind of on the ground trying to get them out of the positions us well ... for now I'm ... afraid to let Jamie Dunn was asked about this the shareholder meeting by Ray and what it was ... a was calm ... his comment was that the banks were in the range of possibilities that somewhere between ... about possible unlikely he suggests that there is a good chance we could see clawbacks that ... that's the message we were getting from J P Morgan found ... he noted that doubles in the D tells how much they collect more force to be looking ... to exceed your salary club ... well there's a there's a range of people I mean is that of the Bruno Iksil trader that one middlemen in the way over the keyboard ... many things that the key to its debt ... I don't know which one he prefers I've heard that yet but that we can say he's won on Andrew Ryan Andrew is the isthe senior person in a fifty million dollars last year and was a pretty trusted lieutenant and Jamie Dynan with a stellar track record ... up until this this blow up but left the firm ... or to announce for intentionally the firm this week ... she could face a club that but you know these things are negotiated ... I'm and it did to more those two parts they might have lost it on their hands ... I'm so though probably try to come to some kind of ... amicable settlement ... she has issues with this gets all sticky ... when this first came out when you though it was first reported on a ... J P Morgan poll lead outfitted Jamie Dunn called the tempest antibody they knew about the trades were to lose these were not rogue traders right ... right how do you justify now clawing back the money when you know what they're doing in you can clearly approved of it ... all month ago ... to ... two possible reasons um no one is they didn't highlight the risk they traded up to senior management ... for they they basically down ... to him supported the trade ... and with the closest that rate ... now that being said ... that senior management about trade senior management that looked in the trade called a traitor to this in the teapot what I see him and of course the JPMorgan's Jamie diming ... it's immensely question as to what happens to his compositions here I'm it's it's a small price to the large bank but it's been a big public and ... Dom ... most the time the way the CEO's deal with these situations is their current your pay get stock ... but the way this that you know that the end of two thousand twelve ... but the way this trade works you know it can carry from two thousand eleven in two thousand twelve ... it's not inconceivable that some senior people might have some some clawbacks but ... but no one to talk about that yet so the ... point that limit their leche cake very much at stake when we come back interest of Europe interest here ... he had been Liberty worth billion Abdullah to you by the curve ... Spencer on page here with us to talk about that ... high ... interest on Monday heard this one yet folks I actually had asked lose interest or P interest ... was last up by hipsters downstairs ... did you ever heard of this on their worth one point five billion dollars already apparently ... Spencer on page explain to me ... what ... is this and why is it worth so much money ... why can explain why it's worth one point one billion dollars get by ... I carry trades who was interested so ... it's a relatively young company ... and the credit this website which allows people to sort of like it a virtual pen board ... to compose images of ... things that you like moving easier why things in you see on the world ... you know ... bicycles ... toy these pictures of vacations whenever ... and it just exploded ... because it's a very visually appealing has recently been or are ... just another social network ... it's not like the social network a pure play soul from our house of social elements to it ... but it's a soulful discovery services but people are caused because people will come ... to the size ... and then ... discovering content through their other ... two friends and strangers especially so business on its last ten year old was a less than you will but more it's about two years years old a ... already has twenty million users generation is growing rapidly it's one of the fastest growing companies have ever seen ... on the web for sure no one ... will sort the valuation of what happened you did you know we're right um so there's this ... Japanese e-commerce company called Rock which ... are the number one Japanese e-commerce site ... they ... the CEO proper time at the CEO of ... interest recently and they basically had a little bowl combine velvet headed off ... and ... interest was ... in the process of raising money ... so the steel Brockman said ... that its modestly the realm but some of us ... and and they see this weekend to meet in the mines where ... you know ... according to reporting silk interests like the fact ... that this investor with strategic it wasn't just the pure ... financial plight so ... the content of both expertise in e-commerce which is what the business model just will ultimately be based on is helping people to sell and buy the well that that's the key thing right to know what the business model will be based on yes I'm discovery has really made much money it could all right now the that will total revenue was flat for me now ... but ... they have won potential to make money because ... people ... are basic expressing what they like it up by putting these images on the site and so ... the idea is that ... one day soon new wheel to basically incorporate some purchasing capability ... into the into the site and so we see that thing that you like ... or dislike clicking on an insurer and ... click on it by an improved risk to public to the cause of the top of that guy you know it's funny risky though it to leave the euro is a new way of buying on I think this is very inching ramifications for Facebook to meet ups the letters on the web commerce companies right yes yes to something you have to keep in mind ... Canadian Facebook priced in. more it starts ... to keep them behind either is or isn't out yet ... by Spencer think very much ... when we come back John Malden on the euro of course the price is growing ... and how you can protect your money investments don't wanna miss it ... sometimes the maps ... K of course now obviously we're not selling anything you don't know that Europe is a crisis ... is affecting U S stocks you see we talked about everyday ... how do you get around that ... the fighting bulls eye your investments ... well the altar that new Pope John Malden is here with us John good to see you ... should be here now before we get your new book which I know if I hear ... I wanna start off from a year old bloke called endgame right ... how analysis to think about all of Amazon should I ... write this that I get free shipping superstar athletes the robo calling him ... how close are we to the endgame in your ... in your Greece ... months if not weeks ... yet I mean it's a bankrupt bank runs early in game ... that's ... the moment that the crisis in ... and or having bank around the yard is taking the money I mean they not be giving up on the system yesterday was ... that I was reading and ... some word this morning a billion dollars over Spain ... the Spanish look a little ... about ... that yet the forty right at ... the Spanish investors looking looking greys ... Mean that have been here that just in case ... money ... yet and you know hundred to get ... its lead to ... Germany ... you'd be InterStim to see what torture banks and covers bands ... if Greece's weeks or months away what is what is the end of me are we talking about the meaning the euro may have ... your AllThingsD valuing them when we ... were talking about ... I mean ... they can stay in the euro and not me yesterday core is and doesn't knock me get the money ... which ... for some and even worse situation that that ... that ... goes back to ... what it was two years ago ... they have disaster a ... string of euro for disaster be ... getting out of your breasts to steer towards us ... I think the better choice for them the logical choice is going to be leaving ... you will have been buried deep depression ... the leak when Greece in Greece right ... yet know you're you're in August were fun but this also ... meant that I am ... we discussed the issue of kicking the can down the road Brett and we have we as we were going to be in the row to cut back on any of the Republicans if I was played its first clip was to be her parents in all of nanotubes on ok to admit that the sense of when I play this one but ... every time the Europeans spend another hundred ... billion euro is to bail somebody up we should all stand up for because they're ... kicking the can down the road in ... keeping the crisis from coming to our borders ... so ... obviously were about you know ... the whole issue kicking the can down the road was actually beneficial to cut the prices that day ... right ... that's kind of coming to an end though isn't it well I mean ... the ECB didn't trillion euro zone the LTRO ... and of ... the internet and in the beginning of this year ... in a bar of the month ... a trillion euros to buy what use to ... the celebration effectively to just go right order book ... of ... they're going to have to print multiple streams of murals to be able to stave off the crisis ... in Spain Spain's read sorority of to the two years six three ... up for your three year bond was four for ... that's ... the that's not a sustainable debt is not something that works ... in the year with a tick models up or get high and that ... this is an algorithm yet ... so ... the ECB ... to step in whatever happened to that of Mana ties Spanish debt ... agreement to buy for three years ... to keep India is not a ... spring can't get ... into a primary surplus and when you're two years for years without having the same prices increases ... so it's gonna be a slow steady progression ... they try to force Greece to fast break ... about to get into a ... surrogate or is he the territory the new book here ... we all are back in August we also talked about what would be if Exxon Nenad states if euro ... him close up ... on the role that ... when Europe has its crisis ... but the dip them into pushes into recession ... I'm so that all this about when you're cutting its prices and pushed into a recession hit ... I mean you're setting its prices do you think you can push the U S into a recession ... if it's just quarterly ... yes ... I mean ... we're stall speed on homegrown sites were were not growing over two percent for the last year for ... the year over year ... that's ... and stall speed ... in fact ... with that kind of the the the growth record we've never not gone back into recession ... I'd I don't think we have to ... if Europe can ... control ... I mean and back control of renewed European to combine Printing ... and the Bundesbank basically through the end of the Thailand trip between what like to think we have inflation guys ... and ... then ... basically germs ... that was above the stock is their government along with big is the ECB permission to receive the equipment with the unforced are running at the Mordialloc a new book what should investors do to protect themselves this point ... well they should recognize we're still in a secular bear market ... but the good news is that to mean ... that for years for only a recession and oil ... paint it started out when I was saying said he okay ... so so you know we've we've come a long way baby ... of ... and we're going to see the end of this old supercycle ... was told that prices for receiving end of the secular bear market ... we're going see us become energy independent ... we're going to watch all sorts of new technologies coming and ... all about the same time the middle of this decade ... and whenever fifteen to seventeen year high ball raw so so we ordered to be genius isn't just another couple for careers or what recession away three years Jeff brought weekly we gotta get the debt cycle and and and and their habits um well ... I think you get to be bullish that I was hoping for that ... then for Chile jotting things you ... can see again but that the books ... Mr. ... I wrote about Europe about the crisis to what the euro since the euro was ... introduced in nineteen nine ... his last a lot of boats together but the real question ... isn't still in good does it mean anything anymore Al and I think is here with that one ... I did a very inching column Alan ... the euro still ... doing what was supposed to do ... was that it ... did at one point to what it was first to do what ... no entirely sure if you have the record ... years and groups was sort of ... so ... what ... countries European countries outside of the eurozone were doing during the ... yet you're the best units of the eurozone so I'm ... not entirely true but it was ... successful even when it was successful to see what I mean ... you know what's with me I'm it's had me looking to be a ... bit of a desire to please countries ... that's depressing ... someone call one quote from your on your Kamala reduces the ponderings to look at online ... move on with this really good here we say I've been pulled out there ... the euro is no longer a boat carrying member economies to sunny climes ... but rather a shame keeping them lashed together is the ship sinks ... I mean is that really what people are starting to think about the euro and is that why it's for NASA to open all about countries bolting the euro ... well ... did did ... every once in a ... in and sort of the cost to state right now ... Germany doesn't want Greece to leave the euro because it fears that if Greece Leveson it starts to worry about hinted that the markets for the ... who's next and then it'll a tight Portugal and Spain and Italy ... and to ... um ... the ... good ... German and ... French in core financial ... system is really closely tied into all of these calm these these ... that these countries suffer runs ... then you go banking crises in France and Germany's of ... him but what's the big worry formula ... um ... Greece care report to continue the sort of austerity that sort of crush ... so so what you do ... you reconcile these problems and then the dots ... they're trying to figure out ... how you can donate up to the mid term successful but so ... that's the ... you know that's the difficulty ... what with her to a point where ... the euro the market at the thought that maybe someday get this or the existential crisis would actually bring the nations closer together ... to force him to forging into the fire ... and other fun and actually does not work in our nation's actually went farther apart because of this ... charting ... the Euro zone's ... primarily political ... politically driven experiment ... yet not accepting second in total ... but the politics was that it was a horrible ... sort of ideal which was that ... they wouldn't ... bring all of these European countries together and prevent the next year in Warren make sure that everybody got closer cards and understood each other ... of course ... I ... know ... what it's doing is is is it's creating restrictions these difficulties with the the the Germans are rushed in with all these peripheral some are wondering why ... one would pay for all the stuff ... in it ... Opel for this ... expense of maintaining its core PC ... and appropriate thinking well what do we have supper up ... for ... two over ten years in August the good and satisfied German ... designs for her Germanic Europe so ... the truth believed Allen think slot appreciate the moment is that both the filling out online ... good column ... that is the indoor program on using a hint of our program and a comeback at noon you see Kelsey Hubbard on Lunch Break ... Wal-Mart and Wal-Mart learn to think small they are the big box right to make things fall ... and also what some hotels ... the twenty inch didn't mean for your guests to come visit them this summer ... was to be going down the shore ego in Cape Cod in one of the beaches why not the nice little place we are therefore yet a careful and see another show like to have a good day take care will see tomorrow ... the Facebook